Financial Planning and Forecasting Financial Statements必看课件资料.ppt

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2019-08-13 发布于河南
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Financial Planning and Forecasting Financial Statements必看课件资料.ppt

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CHAPTER 11Financial Planning and Forecasting Financial Statements Financial planning Additional Funds Needed (AFN) formula Pro forma financial statements Sales forecasts Percent of sales method Financial Planning and Pro Forma Statements Three important uses: Forecast the amount of external financing that will be required Evaluate the impact that changes in the operating plan have on the value of the firm Set appropriate targets for compensation plans Steps in Financial Forecasting Forecast sales Project the assets needed to support sales Project internally generated funds Project outside funds needed Decide how to raise funds See effects of plan on ratios and stock price 2002 Balance Sheet(Millions of $) 2002 Income Statement(Millions of $) AFN (Additional Funds Needed):Key Assumptions Operating at full capacity in 2002. Each type of asset grows proportionally with sales. Payables and accruals grow proportionally with sales. 2002 profit margin ($54/$2,000 = 2.70%) and payout (40%) will be maintained. Sales are expected to increase by $500 million. Definitions of Variables in AFN A*/S0: assets required to support sales; called capital intensity ratio. ?S: increase in sales. L*/S0: spontaneous liabilities ratio M: profit margin (Net income/sales) RR: retention ratio; percent of net income not paid as dividend. Assets must increase by $250 million. What is the AFN, based on the AFN equation? How would increases in these items affect the AFN? Higher sales: Increases asset requirements, increases AFN. Higher dividend payout ratio: Reduces funds available internally, increases AFN. Higher profit margin: Increases funds available internally, decreases AFN. Higher capital intensity ratio, A*/S0: Increases asset requirements, increases AFN. Pay suppliers sooner: Decreases spontaneous liabilities, increases AFN. Projecting Pro Forma Statements with the Percent of Sales Method Project sales based on forecasted growth rate in sales Forecast some items as a percent of the